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"Very Low Income" means an adjusted income which does not exceed fifty percent (50 %) of the area median income for the Orange County, California PMSA, adjusted for household size, as published by HUD. 3. This Note evidences the obligation of Borrower to the City for the repayment of the City Loan of NSP2 Funds attributable to the development of the Property, and related soft costs. 4. This Note is payable at the principal office of City of Santa Ana, Community Development Agency, 20 Civic Center Drive, Santa Ana, California 92702, Aft: Housing Division, or at such other place as the holder hereof may inform Borrower in writing, in lawfuul money of the United States. 3. Loan Repayment. Borrower shall make payments to the City as provided in Sections 5 (Residual Receipts), 6 (Refinancing Proceeds), 7 (Sale Proceeds) and 9 (Accelerated Loan Repayment) of the Agreement. 4. Operating Capital Improvement Loan. If the replacement reserve account ( "reserves ") is depleted clue to unforeseen repairs and the General Partner malces a loan to the Partnership, the reserves must be fully funded prior to payment of said loan. The outstanding loan balance will be reflected in the annual report. 5. Annual Loan Repayment/ Residual Receipts a. Commencing on the date one hundred fifty (15 0) days after the close of the initial Calendar Year following the issuance of the Certificate of Completion and on or before the 150 "' day of each Calendar Year thereafter the Borrower shall thereafter make a loan payment to the City annually, in the amount of the lesser of the outstanding balance due under this Note or the City's Percentage of the Residual Receipts, as provided in this Section 5. b. Within one hundred fifty (150) days after the close of the initial Calendar Year following the Issuance of the Certificate of Completion and on or before the 150th day of each Calendar Year thereafter, the Borrower shall submit to the City an audited financial statement of Gross Revenues and Operating Expenses attributable to the Property for the applicable Calendar Year, along with a computation of the amount of the Residual Receipts applicable to such — — Calendar Year-w th which to make a City loan payment then due. c. Except as otherwise provided, the Borrower shall pay to the City the City's Percentage of the Residual Receipts as payment of principal. At least fifty percent (50 %) of the Residual Receipts shall remain with the Borrower, with all Residual Receipts remaining with Borrower once all of the City Lowis have been fully repaid. 1076\53 \1389784.1 25B -107